Bitcoin has been on a positive rise since the year began. WatcherGuru reported that it has enjoyed a massive 43% increase since the start of January 2023 and has remained bullish for the majority of the month.
On the 1st of January 2023, it was valued at $16,500 and scaled up to $23,955 on Monday, the 30th. Interestingly, altcoins have seen similar gains, with new monthly highs set. January is gradually coming to an end, and the question of a sustained increase becomes a lurking pendulum in the hearts of many crypto investors and traders.
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All eyes are on February, as the Feds meet on the 31st of January and the 1st of February. The CME FedWatch Tool projected that the Federal Reserve could raise interest rates again by 25 basis points.
As a result, some crypto investors opine that they are not gassed by the market’s recent performance and would rather wait for as long as possible to see if the market is finally shedding its cloaks of bearish pull. The opinions have been divergent, by the way. Some crypto enthusiasts think the market is set for a massive bullish run, which will take many by surprise.
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Crypto enthusiasts’ predictions about what Bitcoin performance would seem like in 2023
Professor Carol Alexander of Sussex University envisages bitcoin reaching $30,000 in Q1 2023 and $50,000 in Q2 2023. Carol before her research strides in the crypto sector, studied game theory, mathematics, and number theory.
In an interview with TechNext last year, Chris Ani, the founder of DABA and one of the pioneers of blockchain technology in the African space, shared his opinions of what he thinks Bitcoin’s performance might look like in 2023. He said, “2023 is still uncertain, but I think from the second quarter of 2023 on, we are going to have some bullish momentum.”
“The crypto market is not dead,” he added. “The only thing is that liquidity is still leaving. We are in the last days of seeing the worst that could happen in the crypto industry. I also think that cryptography on its own would continue to survive. Crypto, on its own, would see big players coming into the market next year. We would see new trends. Stricter regulations should be expected. There will be a lot of healing going on in the market, step by step.”
As daunting as 2022 was for cryptocurrency, some expert crypto traders raked in amazing profits and are still doing so in 2023. The maximum bullish return for cryptocurrency might be seen in the last quarter of the year.
What crypto traders should do
This is targeted at budding and experienced crypto traders. The market seems to be in a healing process, and sure, this will take time. In this period, it is important to reiterate that a dead market would not cause regulators sleepless nights towards its end because experts are still calling for stricter regulations in the space.
Thus, this means the market has much more offerings for the world, and the players must exercise patience as they navigate through crypto’s riverbed. Regardless of the stormy spell in 2022, some crypto traders made profits, and while the market is transitioning towards redemption, these players are making profits. Patience is critical, and information remains core. Stay patient and informed.
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